My bank account was compromised!

Psssst. This is a personal recounter of the events that happened.

So What happened.....

On Sunday 24th January 2021, I got a text from Stanbic Bank informing me that a small transaction has been made on Amazon from my account. I ignored it .......YIKES! This is from my past conditioning of banks sending notification messages way past the transaction time or spamming me with too many messages. Three days later I received my E-Mail notification alert. From the details I knew it wasn't me.

On 26th January I got a text informing me that another small transaction was made online. Now, this got my full attention as I had not made any transactions from this account.I called customer care. They weren't helpful. They couldn't track where the last transaction was made, and neither did they provide any additional information on the same. They informed me I need to go to my branch to get assistance. Which I did eventually.

At the branch(Galleria specifically), I got top tier service. I was asked to fill in two forms, they informed me that my ATM card could have been compromised if it wasn't me transacting. We trashed the existing ATM card and applied for a replacement card for me at no fee. (Big WIN). They later informed me that they (Stanbic) will be contacting me via email.

Later that day, at night(29th January 2021), I received an email indicating that my incident report has been well received and that they are looking into the matter. In the email it indicated that the response could take 120days before I got a response....WOOOI! From the online raves about cyber security incident reports, I knew it will be too long a period before they got back to me, and since it was a small amount I was ready to wait it out. Little did I know I was in for a good surprise. On 4th Feb, I got an email notifying me that they are working on it. On 5th Feb 2021, I got an email notification that the two disputed amounts have been credited to my account..... HALLLEELUYAH! On 8th Feb I got an email letting me know that the amounts have been credited from the Card dispute team. In my response, I was happy about how it was handled, and asked for an incident report. They informed me, the investigations are on going and that they will give it once its ready. on 13th Feb 2021, I got a text letting me know my ATM is ready for collection.

From my experience, it was handled in a very solid manner especially after I walked in at the branch. I hope perhaps the call centre could have better training especially when cyber security incidents are involved. I was lucky the withdrawals were minimal, but here is what I have gathered so far.

One way of protecting yourself is getting a pre-paid card to pay for online transactions. Most banks offer these but they lack statements. It's easier to have an account dedicated to online payments only. Also the usual, do not initiate your banking apps using PUBLIC wifi. Public here means, restaurant, work and to some extent home. If you can use cellular/Mobile internet the better. Also check the apps you've installed, they could be snitching in on you as you use your mobile money apps. In some instances, have an account where you store large sums, and make sure it's not connected to any digital platform. For you to withdraw, you have to go to the branch or use a cheque. Certain banks call you before authorising large transactions or multiple flagged transactions, ask if your bank has this provision. Also when travelling, let your bank know. Some banks have restricted access to accounts outside the country. If your mobile money password is also your Mobile banking password, perhaps it's time to change. And change the passwords often. Do not use anyone's date of birth, not yours, not your child or anyone close to you.

When you realise your bank accounts have been compromised, do this;

• Call the bank. Ask them to block the cards associated with the account. If the withdrawal are at intervals, ask them to freeze the account indefinitely. Perhaps its a good time to start calling your banks customer service to make sure their phones go through at night and over the weekends. Some banks are inaccessible after working hrs. Use that information, to your discretion.
• If your bank doesn't respond. or rather Ignores your plight write your account of events, and send to your bank (both branch and HQ) as well as CBK. Attach evidence of what happened. This could be texts or email alerts etc.
• If the sums are huge and no efforts still from your bank, use social media to highlight your plight. This has worked for others. It MIGHT work for you.

Has something similar happened to you? Do you have tips on what worked for you?